Dialog Axiata Group, the largest Foreign Direct Investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), yesterday announced the entering into of two supplementary agreements with the BOI for the investment of an additional sum of $ 152.4 million (Rs. 56.7 billion) in Sri Lanka’s Telecommunications and ICT Infrastructure.

The investment comprises $ 112.8 million from Dialog Axiata and $ 39.6 million from its subsidiary Dialog Broadband Networks Ltd.

These agreements span a broad scope of telecommunications and ICT infrastructure development by the Dialog Axiata Group, encompassing the expansions of mobile and fixed 4G-LTE networks to provide rural and deep-indoor coverage, enhancement of big-data analytics and customer interaction capabilities, the evolution of IP and fibre networks, and the further development of the Group’s Wi-Fi and broadband networks.

It is envisaged that these developments will offer more reliable and cost-effective internet connectivity, and significantly contribute to propelling the nation’s mobile telephone and fixed infrastructure to the forefront of innovation accelerating Sri Lanka into a digital nation.

The BOI recognizes Dialog Axiata Group as the first company to invest USD 1Bn in the country.

“Dialog Axiata has been instrumental in progressing our nation towards becoming a formidable next-generation digital infrastructure champion in a global setting. As the largest foreign investor in the country, Axiata has been a consistent and key enabler of this journey, even amid uncertainties. We are pleased to see the continued investments and unwavering commitment by the company which exemplifies the innumerable opportunities available in Sri Lanka to foreign investors who believe in and are willing to invest in the nation with a focus of capturing long-term value,” said Raja Edirisuriya, Chairman, BOI.

Commenting, Tan Sri Shahril Ridza Ridzuan, Chairman, Independent Non-Executive Director of Axiata Group Berhad said, “As the largest FDI in Sri Lanka, this latest investment agreement bears testimony to Axiata’s continued confidence in the nation and our commitment to Sri Lanka and its people. We consider Sri Lanka to be one of the key innovation hubs, where Dialog has achieved many region firsts, staying true to its ethos of delivering ‘The Future. Today.’ As always, we greatly value our long-standing partnership with the Board of Investment and remain committed to investing in Sri Lanka to accelerate the country into a Digital Nation.”